Last Updated: 06/21/2025
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Highlights
Amount Range
$25,000 - $200,000
APR
0% - 20%(Verified 06/21/2024)
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Loan Term (Months)
N/A
LenCred Small Business Loans Review
LenCred is a business financing offering by LenCred, based in Blackwood, NJ. Founded in 2001, LenCred offers access to small business loans in 50 states (and Washington, DC).
LenCred FAQ
What are LenCred rates?
LenCred offers a business financing product that ranges from 0% APR up to 20% APR.
Does LenCred charge an origination fee?
Yes, LenCred charges a loan origination fee of 6% to 8% of the business loan amount up to 5000 . LenCred deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
Does LenCred charge prepayment fees?
Yes, LenCred may charge additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a business loan product because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.How much can you borrow from LenCred?
Business loan amounts start at $25,000 and go up to $200,000.
What do you need to qualify for LenCred Small Business Loans?
LenCred Small Business Loans requires companies to be in business for at least month Businesses don't have to meet a minimum annual revenue to be considered.
Applicants with a credit score of at least 700 and up to 850 may be eligible for LenCred Small Business Loans. U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by LenCred Small Business Loans.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
What is the estimated funding time for a business loan via LenCred?
LenCred can fund small business loans within 60 business days.
Does LenCred Small Business Loans report your account activity to credit bureaus?
Yes, LenCred Small Business Loans reports to the following credit bureau:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does LenCred perform a hard credit pull?
Yes, LenCred performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
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